Some lies you believed as a Noob about Cryptocurrency and the Blockchain TechnologyMarch 8, 2019
I could remember the roller coaster of emotions I had about cryptocurrency when I started out as bounty hunter over a year ago. It was so great that I believed so many fairy tales about cryptocurrencies which I had to painfully let go as time went on when I was faced with reality.
P.S These were some of my personal experience being a newbie in the crypto sphere. The tales I believed below may and may not be true for all newbies. In any case, enjoy reading while you relate to some of the tales.
I believed that:
All Cryptocurrency Projects with a great whitepaper or innovative vision are real
As a person who likes to read and write, I started out by reading so many vision papers that got me excited and fascinated about cryptocurrency and the blockchain technology. The truth is, I still get excited when I read some of these white papers today- I guess it’s normal. It made me believed that all I had read were genuine and true. Not until times later when I began experiencing scams- I mean painful scams.
Even projects that I thought were the best in their vision and had the opportunity to turn the world around ultimately became a scam or failed. It took me time to come to terms with the truth that a project’s success is beyond their vision or white paper. I still fall for few straight-on believe in some projects today.
In essence, the success of a project is definitely dependent on a whole lot of factors like the market condition, relevance, acceptance, prospect, team members among other factors. Till date, scammers still work their way amidst us on thecrypto planet and we do not know.
ICOs will always be traded at their initial price when they list on Cryptocurrency Markets
How I believed that ICO or initial price is real. I still believe this today for very few projects like TCAT where the CEO is actively working to restore the price to its initial value and its working. Many times when I receive some tokens, I begin to calculate its worth by the initial or ICO price. It became clear that I had believed a fairy tale when 99% of the projects never listed at ICO price- in fact, they dumped hard after listing. The reality was that almost none ever achieved the ICO price after.
You Know, I can relate to so many people’s experience and feeling when projects get listed on crypto markets. They question on Telegram, ‘Why so low price?’, ‘why dump?’ etc. What they didn’t understand is that the time is gone when projects achieve interstellar prices or moon prices. What the crypto projects need now is stability as identified days ago by Sydney Ifergan the CEO of The Currency Analytics in a twitter post:
Being an advisor and ambassador for several #ICO‘s and #STO‘s, I’m still seeing comments saying “to the moon”, lets be honest #tothemoon” was few years ago today our #crypto industry need stability.. so… the new sentence should be “#STAYONTHEEARTH” #tokens #coins $TCAT pic.twitter.com/1UQeOPvJKG— Sydney Ifergan (@SydneyIfergan) February 22, 2019
Cryptocurrency Prices will be up and rising
I came in contact with my first cryptocurrency project in the fall of 2017 just before the mooning began. It was exciting to see the project I was involved in and BTC rise to a new peak almost every day. The reality soon dawned on me as I saw the dip. Finally, I learned that crypto prices are not predictable. There could be surprises like big dumps and rarely big genuine rise in price.
It is fun to believe some of these lies or fairy tales about cryptocurrency for they make you stronger as you get to know the reality about the growing crypto space.